(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class: | Trading symbol: | Name of each exchange on which registered: | ||||||||||||
| Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||
| ☒ | ☐ | ☐ | ||||||||||||
| PART I — Financial Information | ||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Revenues | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Income from operations | |||||||||||
Foreign currency gains (losses), net | ( | ||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Other income (expense), net | ( | ||||||||||
Income before income taxes | |||||||||||
Income tax expense | |||||||||||
Net income | $ | $ | |||||||||
Net income per common share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
| Derivatives designated as hedging instruments: | |||||||||||
Unrealized gains on derivative instruments | |||||||||||
Reclassification adjustment for realized losses on derivative instruments | ( | ( | |||||||||
Net increase (decrease) from derivatives designated as hedging instruments | ( | ||||||||||
Foreign currency translation gains (losses), net | ( | ||||||||||
Total comprehensive income, net of tax | $ | $ | |||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowances of $ | |||||||||||
Inventories | |||||||||||
Income taxes receivable | |||||||||||
Other receivables | |||||||||||
Prepaid expenses and other assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||
Goodwill | |||||||||||
Deferred tax assets, net | |||||||||||
Restricted cash | |||||||||||
Right-of-use assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other liabilities | |||||||||||
Income taxes payable | |||||||||||
Current operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred tax liabilities, net | |||||||||||
Long-term income taxes payable | |||||||||||
Long-term borrowings | |||||||||||
| Long-term operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
| Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, par value $ | |||||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
| Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2024 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock, including excise tax | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2025 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Operating lease cost | |||||||||||
Share-based compensation | |||||||||||
| Asset impairment | |||||||||||
Deferred taxes (1) | |||||||||||
Other non-cash items (1) | ( | ||||||||||
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable, accrued expenses and other liabilities | ( | ( | |||||||||
Right-of-use assets and operating lease liabilities | ( | ( | |||||||||
Income taxes | |||||||||||
Cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, equipment, and software | ( | ( | |||||||||
Cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | |||||||||||
Repayments of borrowings | ( | ( | |||||||||
Repurchases of common stock | ( | ||||||||||
| Repurchases of common stock for tax withholding | ( | ( | |||||||||
Other (1) | ( | ||||||||||
Cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | ( | ||||||||||
Net change in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash—beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash—end of period | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
| Cash paid for interest | $ | $ | |||||||||
| Cash paid for income taxes | |||||||||||
| Cash paid for operating leases | |||||||||||
| Non-Cash Investing and Financing Activities: | |||||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations | $ | $ | |||||||||
Accrued purchases of property, equipment, and software | |||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
| (in thousands) | |||||||||||
| Accrued compensation and benefits | $ | $ | |||||||||
| Professional services | |||||||||||
| Fulfillment, freight, and duties | |||||||||||
| Return liabilities | |||||||||||
| Sales/use and value added taxes payable | |||||||||||
Other | |||||||||||
| Total accrued expenses and other liabilities | $ | $ | |||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
| (in thousands) | |||||||||||
| Assets: | |||||||||||
| Right-of-use assets | $ | $ | |||||||||
| Liabilities: | |||||||||||
| Current operating lease liabilities | $ | $ | |||||||||
| Long-term operating lease liabilities | |||||||||||
| Total operating lease liabilities | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
| Operating lease cost | $ | $ | |||||||||
| Short-term lease cost | |||||||||||
| Variable lease cost | |||||||||||
| Total lease costs | $ | $ | |||||||||
As of March 31, 2025 | |||||
| (in thousands) | |||||
| 2025 (remainder of year) | $ | ||||
| 2026 | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| Thereafter | |||||
| Total future minimum lease payments | |||||
| Less: imputed interest | ( | ||||
| Total operating lease liabilities | $ | ||||
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Term Loan B Facility | $ | $ | $ | $ | |||||||||||||||||||
| 2029 Notes | |||||||||||||||||||||||
| 2031 Notes | |||||||||||||||||||||||
| Revolving Facility | |||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
Information technology systems impairment (1) | $ | $ | |||||||||
Right-of-use assets impairment (2) | |||||||||||
| Total asset impairments | $ | $ | |||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Non-hedged derivatives: | |||||||||||||||||||||||
| Forward foreign currency exchange contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Hedged derivatives: | |||||||||||||||||||||||
| Cash flow foreign currency contracts | ( | ( | |||||||||||||||||||||
| Total derivatives | ( | ( | |||||||||||||||||||||
| Netting of counterparty contracts | ( | ( | |||||||||||||||||||||
| Total derivatives, net of counterparty contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Non-hedged derivatives | |||||||||||||||||||||||
| Euro | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Singapore Dollar | ( | ||||||||||||||||||||||
| British Pound Sterling | ( | ||||||||||||||||||||||
| South Korean Won | |||||||||||||||||||||||
| Japanese Yen | ( | ||||||||||||||||||||||
| Indian Rupee | ( | ||||||||||||||||||||||
| Other currencies | ( | ||||||||||||||||||||||
| Total non-hedged derivatives | ( | ||||||||||||||||||||||
| Hedged derivatives: | |||||||||||||||||||||||
| Chinese Yuan | ( | ( | |||||||||||||||||||||
| British Pound Sterling | ( | ( | |||||||||||||||||||||
| Euro | ( | ||||||||||||||||||||||
| South Korean Won | |||||||||||||||||||||||
| Total hedged derivatives | ( | ||||||||||||||||||||||
| Total derivatives | $ | $ | $ | $ | ( | ||||||||||||||||||
| Latest maturity date, non-hedged derivatives | April 2025 | January 2025 | |||||||||||||||||||||
| Latest maturity date, hedged derivatives | October 2025 | October 2025 | |||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
Foreign currency transaction gains (losses) | $ | $ | ( | ||||||||
Foreign currency forward exchange contracts gains (losses) | ( | ||||||||||
Foreign currency gains (losses), net | $ | $ | ( | ||||||||
| Maturity | Stated Interest Rate | Effective Interest Rate | March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||
Notes issuance of $ | 2029 | % | % | $ | $ | |||||||||||||||||||||||||||
Notes issuance of $ | 2031 | % | % | |||||||||||||||||||||||||||||
| Term Loan B Facility | 2029 | |||||||||||||||||||||||||||||||
| Revolving Facility | 2027 | |||||||||||||||||||||||||||||||
| Total face value of long-term borrowings | ||||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Unamortized issuance costs | ||||||||||||||||||||||||||||||||
| Total long-term borrowings | $ | $ | ||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
| Crocs Brand: | |||||||||||
| North America: | |||||||||||
| Wholesale | $ | $ | |||||||||
| Direct-to-consumer | |||||||||||
Total North America (1) | |||||||||||
| International: | |||||||||||
| Wholesale | |||||||||||
| Direct-to-consumer | |||||||||||
| Total International | |||||||||||
| Total Crocs Brand | $ | $ | |||||||||
| Crocs Brand: | |||||||||||
Total Wholesale | $ | $ | |||||||||
Total Direct-to-consumer | |||||||||||
| Total Crocs Brand | |||||||||||
| HEYDUDE Brand: | |||||||||||
| Wholesale | |||||||||||
| Direct-to-consumer | |||||||||||
Total HEYDUDE Brand (2) | |||||||||||
| Total consolidated revenues | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands, except effective tax rate) | |||||||||||
| Income before income taxes | $ | $ | |||||||||
| Income tax expense | |||||||||||
| Effective tax rate | % | % | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands, except per share data) | |||||||||||
| Numerator: | |||||||||||
Net income | $ | $ | |||||||||
| Denominator: | |||||||||||
Weighted average common shares outstanding - basic | |||||||||||
Plus: Dilutive effect of stock options and unvested restricted stock units | |||||||||||
Weighted average common shares outstanding - diluted | |||||||||||
Net income per common share: | |||||||||||
| Basic | $ | $ | |||||||||
| Diluted | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
Crocs Brand: | |||||||||||
Revenues | $ | $ | |||||||||
Cost of sales | |||||||||||
Selling, general and administrative expenses | |||||||||||
Income from operations | |||||||||||
HEYDUDE Brand: | |||||||||||
Revenues | |||||||||||
Cost of sales | |||||||||||
Selling, general and administrative expenses | |||||||||||
Income from operations | |||||||||||
Total segment income from operations | $ | $ | |||||||||
Reconciliation of segment income from operations to income before income taxes: | |||||||||||
Enterprise corporate costs | ( | ( | |||||||||
| Foreign currency gains (losses), net | ( | ||||||||||
| Interest income | |||||||||||
| Interest expense | ( | ( | |||||||||
| Other income (expense), net | ( | ||||||||||
| Income before income taxes | $ | $ | |||||||||
Depreciation and amortization: (1) | |||||||||||
Crocs Brand | $ | $ | |||||||||
| HEYDUDE Brand | |||||||||||
| Enterprise corporate | |||||||||||
Total consolidated depreciation and amortization | $ | $ | |||||||||
| Three Months Ended March 31, | % Change Favorable (Unfavorable) | ||||||||||||||||
| 2025 | 2024 | Q1 2025-2024 | |||||||||||||||
| (in thousands, except per share, margin, and average selling price data) | |||||||||||||||||
Revenues | $ | 937,333 | $ | 938,633 | (0.1) | % | |||||||||||
Cost of sales | 395,784 | 416,556 | 5.0 | % | |||||||||||||
Gross profit | 541,549 | 522,077 | 3.7 | % | |||||||||||||
Selling, general and administrative expenses | 318,575 | 295,648 | (7.8) | % | |||||||||||||
Income from operations | 222,974 | 226,429 | (1.5) | % | |||||||||||||
Foreign currency gains (losses), net | 4,873 | (2,273) | 314.4 | % | |||||||||||||
Interest income | 333 | 416 | (20.0) | % | |||||||||||||
Interest expense | (22,766) | (30,563) | 25.5 | % | |||||||||||||
Other income (expense), net | (475) | 20 | (2,475.0) | % | |||||||||||||
Income before income taxes | 204,939 | 194,029 | 5.6 | % | |||||||||||||
Income tax expense | 44,836 | 41,575 | (7.8) | % | |||||||||||||
Net income | $ | 160,103 | $ | 152,454 | 5.0 | % | |||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 2.85 | $ | 2.52 | 13.1 | % | |||||||||||
Diluted | $ | 2.83 | $ | 2.50 | 13.2 | % | |||||||||||
Gross margin (1) | 57.8 | % | 55.6 | % | 220 | bp | |||||||||||
Operating margin (1) | 23.8 | % | 24.1 | % | (30) | bp | |||||||||||
| Three Months Ended March 31, | % Change | Constant Currency % Change (1) | |||||||||||||||||||||
| Favorable (Unfavorable) | |||||||||||||||||||||||
| 2025 | 2024 | Q1 2025-2024 | Q1 2025-2024 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Crocs Brand: | |||||||||||||||||||||||
| Wholesale | $ | 476,804 | $ | 462,002 | 3.2 | % | 5.3 | % | |||||||||||||||
| Direct-to-consumer | 284,804 | 281,814 | 1.1 | % | 2.5 | % | |||||||||||||||||
| Total Crocs Brand | 761,608 | 743,816 | 2.4 | % | 4.2 | % | |||||||||||||||||
| HEYDUDE Brand: | |||||||||||||||||||||||
| Wholesale | 110,693 | 134,753 | (17.9) | % | (17.4) | % | |||||||||||||||||
| Direct-to-consumer | 65,032 | 60,064 | 8.3 | % | 8.3 | % | |||||||||||||||||
| Total HEYDUDE Brand | 175,725 | 194,817 | (9.8) | % | (9.5) | % | |||||||||||||||||
| Total consolidated revenues | $ | 937,333 | $ | 938,633 | (0.1) | % | 1.4 | % | |||||||||||||||
| Three Months Ended March 31, | % Change | Constant Currency % Change (1) | |||||||||||||||||||||
| Favorable (Unfavorable) | |||||||||||||||||||||||
| 2025 | 2024 | Q1 2025-2024 | Q1 2025-2024 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
Crocs Brand revenues | $ | 761,608 | $ | 743,816 | 2.4 | % | 4.2 | % | |||||||||||||||
| HEYDUDE Brand revenues | 175,725 | 194,817 | (9.8) | % | (9.5) | % | |||||||||||||||||
Total consolidated revenues | $ | 937,333 | $ | 938,633 | (0.1) | % | 1.4 | % | |||||||||||||||
Income from operations: | |||||||||||||||||||||||
Crocs Brand income from operations | $ | 273,644 | $ | 264,124 | 3.6 | % | 6.1 | % | |||||||||||||||
HEYDUDE Brand income from operations | 23,242 | 40,146 | (42.1) | % | (41.8) | % | |||||||||||||||||
Enterprise corporate | (73,912) | (77,841) | 5.0 | % | 5.1 | % | |||||||||||||||||
Total consolidated income from operations | $ | 222,974 | $ | 226,429 | (1.5) | % | 1.5 | % | |||||||||||||||
| March 31, 2025 | |||||
| (in thousands) | |||||
| Cash and cash equivalents | $ | 166,460 | |||
| Available borrowings | 694,416 | ||||
| Three Months Ended March 31, | $ Change | % Change | |||||||||||||||||||||
| 2025 | 2024 | Favorable (Unfavorable) | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
Cash used in operating activities | $ | (67,235) | $ | (27,574) | $ | (39,661) | (143.8) | % | |||||||||||||||
Cash used in investing activities | (15,375) | (15,750) | 375 | 2.4 | % | ||||||||||||||||||
Cash provided by financing activities | 65,824 | 54,831 | 10,993 | 20.0 | % | ||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,845 | (1,582) | 4,427 | 279.8 | % | ||||||||||||||||||
Net change in cash, cash equivalents, and restricted cash | $ | (13,941) | $ | 9,925 | $ | (23,866) | (240.5) | % | |||||||||||||||
| Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
| January 1 - 31, 2025 | 317,414 | $ | 104.61 | 317,414 | $ | 290,660,210 | ||||||||||||||||||||
| February 1 - 28, 2025 | 289,845 | 95.43 | 289,845 | 1,263,005,578 | ||||||||||||||||||||||
| March 1 - 31, 2025 | — | — | — | 1,263,005,578 | ||||||||||||||||||||||
| Total | 607,259 | $ | 100.23 | 607,259 | $ | 1,263,005,578 | ||||||||||||||||||||
| Exhibit Number | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101). | |||||||
| CROCS, INC. | ||||||||||||||
| Date: May 8, 2025 | By: | /s/ Susan Healy | ||||||||||||
| Name: | Susan Healy | |||||||||||||
| Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |||||||||||||

| Date: May 8, 2025 | /s/ Andrew Rees | |||||||
| Andrew Rees | ||||||||
| Chief Executive Officer | ||||||||
| Date: May 8, 2025 | /s/ Susan Healy | |||||||
| Susan Healy | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| Date: May 8, 2025 | /s/ Andrew Rees | |||||||
| Andrew Rees | ||||||||
| Chief Executive Officer | ||||||||
| /s/ Susan Healy | ||||||||
| Susan Healy | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Income Statement [Abstract] | ||
| Revenues | $ 937,333 | $ 938,633 |
| Cost of sales | 395,784 | 416,556 |
| Gross profit | 541,549 | 522,077 |
| Selling, general and administrative expenses | 318,575 | 295,648 |
| Income from operations | 222,974 | 226,429 |
| Foreign currency gains (losses), net | 4,873 | (2,273) |
| Interest income | 333 | 416 |
| Interest expense | (22,766) | (30,563) |
| Other income (expense), net | (475) | 20 |
| Income before income taxes | 204,939 | 194,029 |
| Income tax expense | 44,836 | 41,575 |
| Net income | $ 160,103 | $ 152,454 |
| Net income per common share: | ||
| Basic (in dollars per share) | $ 2.85 | $ 2.52 |
| Diluted (in dollars per share) | $ 2.83 | $ 2.50 |
| Weighted average common shares outstanding: | ||
| Basic (in shares) | 56,110 | 60,564 |
| Diluted (in shares) | 56,502 | 61,054 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2025 |
Mar. 31, 2024 |
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| Statement of Comprehensive Income [Abstract] | ||
| Net income | $ 160,103 | $ 152,454 |
| Derivatives designated as hedging instruments: | ||
| Unrealized gains on derivative instruments | 23 | 426 |
| Reclassification adjustment for realized losses on derivative instruments | (419) | (170) |
| Net increase (decrease) from derivatives designated as hedging instruments | (396) | 256 |
| Foreign currency translation gains (losses), net | 29,968 | (11,413) |
| Total comprehensive income, net of tax | $ 189,675 | $ 141,297 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, net of allowance | $ 26,837 | $ 31,579 |
| Accumulated depreciation | 167,129 | 153,455 |
| Intangible assets, net of accumulated amortization | $ 166,861 | $ 161,042 |
| Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock authorized (in shares) | 250,000,000.0 | 250,000,000.0 |
| Common stock issued (in shares) | 110,600,000 | 110,400,000 |
| Common stock outstanding (in shares) | 56,100,000 | 56,500,000 |
| Treasury stock (in shares) | 54,600,000 | 53,900,000 |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design. Our reportable operating segments include: (i) the Crocs Brand and (ii) the HEYDUDE Brand. See Note 13 — Operating Segments and Geographic Information for additional information. The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 (“Annual Report”) and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change during the three months ended March 31, 2025, other than with respect to the new accounting pronouncements adopted, as applicable, as described in Note 2 — Recent Accounting Pronouncements. Reclassifications We have reclassified certain amounts on the condensed consolidated statements of cash flows to conform to current period presentation. Use of Estimates U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns and allowances, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected. Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures
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RECENT ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
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Mar. 31, 2025 | |
| Accounting Policies [Abstract] | |
| RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncement Adopted Pillar Two Global Minimum Tax The Organization for Economic Co-operation and Development (“OECD”) has released Pillar Two model rules introducing a 15% global minimum tax rate applied on a country-by-country basis for large multinational corporations. Various jurisdictions we operate in have enacted the legislation. There remains uncertainty as to the final Pillar Two rules as the OECD continues to release guidance and modifications to the rules. We are monitoring continuing development of these laws and the potential impact they will have on our Company. We do not anticipate the Pillar Two rules will have a significant impact on our 2025 consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Income Taxes: Improvements to Income Tax Disclosure In December 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to the disclosure of rate reconciliation and income taxes paid. This guidance becomes effective for annual periods beginning after December 15, 2024 with early adoption permitted and should be applied on a prospective basis. We do not expect this standard to have a material impact on our consolidated financial statements, but it will require increased disclosures within the notes to our consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, with subsequent clarification in January 2025, the FASB issued authoritative guidance related to the disclosure of disaggregation of income statement expenses. This guidance becomes effective for annual periods beginning after December 15, 2026 with early adoption permitted and should be applied on a retrospective basis. We do not expect this standard to have a material impact on our consolidated financial statements, but it will require increased disclosures within the notes to our consolidated financial statements. Other new pronouncements issued but not effective until after March 31, 2025 are not expected to have a material impact on our condensed consolidated financial statements.
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ACCRUED EXPENSES AND OTHER LIABILITIES |
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| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCRUED EXPENSES AND OTHER LIABILITIES | ACCRUED EXPENSES AND OTHER LIABILITIES Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were:
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LEASES |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | LEASES Right-of-Use Assets and Operating Lease Liabilities Amounts reported in the condensed consolidated balance sheets were:
Lease Costs and Other Information Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:
The weighted average remaining lease term and discount rate related to our lease liabilities as of March 31, 2025 were 6.0 years and 6.5%, respectively. As of March 31, 2024, the weighted average remaining lease term and discount rate related to our lease liabilities were 6.9 years and 6.2%, respectively. During the three months ended March 31, 2024, we impaired our right-of-use assets for our former HEYDUDE Brand warehouses in Las Vegas, Nevada and our former Crocs Brand warehouse in Oudenbosch, the Netherlands, as described in Note 5 — Fair Value Measurements. Maturities The maturities of our operating lease liabilities were:
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FAIR VALUE MEASUREMENTS |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at March 31, 2025 and December 31, 2024. The fair values of our derivative instruments were an insignificant asset and an insignificant liability at March 31, 2025 and an insignificant asset and an insignificant liability at December 31, 2024. See Note 6 — Derivative Financial Instruments for more information. The carrying amounts of our cash, cash equivalents, and restricted cash approximate their fair value and are classified as Level 1 of the fair value hierarchy. The carrying amounts of our accounts receivable, accounts payable, and current accrued expenses and other liabilities approximate their fair value as recorded due to the short-term maturity of these instruments and are classified as Level 2 of the fair value hierarchy. Our borrowing instruments are recorded at their carrying values in the condensed consolidated balance sheets, which may differ from their respective fair values. The Term Loan B Facility (as defined below) and the Notes (as defined below) are classified as Level 1 of the fair value hierarchy and are reported in our condensed consolidated balance sheet at face value, less unamortized issuance costs. The fair value of our Revolving Facility (as defined below) approximates its carrying value at March 31, 2025 and December 31, 2024 based on interest rates currently available to us for similar borrowings. The carrying value and fair value of our borrowing instruments as of March 31, 2025 and December 31, 2024 were:
Non-Financial Assets and Liabilities Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments within ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income as follows:
(1) During the three months ended March 31, 2024, we recognized an impairment charge for information technology systems related to the HEYDUDE integration of $17.4 million to prepaid assets and $0.8 million to intangible assets. (2) During the three months ended March 31, 2024, we recognized an impairment of $5.5 million for our former HEYDUDE Brand warehouses in Las Vegas, Nevada and $0.4 million for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.
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DERIVATIVE FINANCIAL INSTRUMENTS |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation. Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of March 31, 2025 or December 31, 2024. Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at March 31, 2025 and December 31, 2024. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting. We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash used in operating activities.’ As of March 31, 2025, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income. We also have cash flow hedges (“hedged derivatives”) as of March 31, 2025. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option. For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the condensed consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the condensed consolidated statements of income, which is consistent with the nature of the hedged transaction. During the three months ended March 31, 2025 and 2024, there was a gain of $0.6 million and a gain of $0.2 million, respectively, recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of $0.1 million will be reclassified to our condensed consolidated statements of income. The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets, were:
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
Amounts reported in ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were:
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BORROWINGS | BORROWINGS Our long-term borrowings were as follows:
At March 31, 2025 and December 31, 2024, $3.5 million and $10.2 million, respectively, of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the condensed consolidated balance sheets. Senior Revolving Credit Facility In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $1.0 billion, which can be increased by an additional $400.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, inclusive of a 0.10% SOFR adjustment, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and three-month interest periods, inclusive of a 0.10% SOFR adjustment. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers. The Credit Agreement required or requires, as applicable, us to maintain a minimum interest coverage ratio of 3.00 to 1.00, and a maximum leverage ratio of (i) 4.00 to 1.00 from the quarter ended March 31, 2022 through, and including, the quarter ended December 31, 2023, (ii) 3.75 to 1.00 for the quarter ended March 31, 2024, (iii) 3.50 to 1.00 for the quarter ended June 30, 2024, and (iv) 3.25 to 1.00 for the quarter ended September 30, 2024 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of March 31, 2025, we were in compliance with all financial covenants under the Credit Agreement. As of March 31, 2025, the total commitments available from the lenders under the Revolving Facility were $1.0 billion. At March 31, 2025, we had $320.0 million in outstanding borrowings and $0.6 million in outstanding letters of credit under the Revolving Facility, which reduces amounts available for borrowing under the Revolving Facility. As of March 31, 2025 and December 31, 2024, we had $679.4 million and $809.4 million, respectively, of available borrowing capacity under the Revolving Facility, which matures in November 2027. Term Loan B Facility On February 17, 2022, the Company entered into a credit agreement (the “Original Term Loan B Credit Agreement”) with Citibank, N.A., as administrative agent and lender, to among other things, finance a portion of the cash consideration for the HEYDUDE acquisition, which was amended on August 8, 2023 (the “August 2023 Amendment”) and on February 13, 2024 (the “February 2024 Amendment”). The Original Term Loan B Credit Agreement, as amended by the August 2023 Amendment and the February 2024 Amendment is referred to herein as the “Term Loan B Credit Agreement.” The Original Term Loan B Credit Agreement provided for an aggregate term loan B facility in the principal amount of $2.0 billion. Prior to the February 2024 Amendment, the outstanding balance was $820.0 million. Among other things, the February 2024 Amendment provided for a new $820.0 million tranche of term loans (the “2024 Refinancing Term Loans” and, such facility, the "Term Loan B Facility"), to refinance the then-outstanding principal balance. The 2024 Refinancing Term Loans are secured by substantially all of the Company’s and each subsidiary guarantor’s assets on a pari passu basis with their obligations arising from the Term Loan B Credit Agreement and is scheduled to mature on February 17, 2029, subject to certain exceptions set forth in the Term Loan B Credit Agreement. Additionally, subject to certain conditions, including, without limitation, satisfying certain leverage ratios, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities. Pursuant to the reduced interest rate margins applicable to the 2024 Refinancing Term Loans, each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 1.25%. Each term loan borrowing which is a term SOFR borrowing bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement) plus 2.25%. As of March 31, 2025, the Term Loan B Facility was fully drawn with no remaining borrowing capacity, and we had $500.0 million in outstanding principal on the Term Loan B Facility, which matures on February 17, 2029. The Term Loan B Credit Agreement also contains customary affirmative and negative covenants, incurrence financial covenants, representations and warranties, events of default and other provisions. As of March 31, 2025, we were in compliance with all financial covenants under the Term Loan B Credit Agreement. Asia Revolving Credit Facility During the three months ended March 31, 2025, we had one revolving credit facility in Asia with Citibank (China) Company Limited, Shanghai Branch (the “Citibank Facility”), which, as amended, provides up to an equivalent of $15.0 million. As of March 31, 2025 and December 31, 2024, we had no borrowings outstanding on the Citibank Facility. Senior Notes Issuances In March 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “2029 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, the “2029 Notes Indenture”). Additionally, in August 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.125% Senior Notes due August 15, 2031 (the “2031 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, “the 2031 Notes Indenture” and, together with the 2029 Notes Indenture, the “Indentures” and, each, an “Indenture”). Interest on each of the 2029 Notes and the 2031 Notes (collectively, the “Notes”) is payable semi-annually. The Company had or will have, as applicable, the option to redeem all or any portion of the 2029 Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company also had the option to redeem some or all of the 2029 Notes at any time before March 15, 2024 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company could have redeemed up to 40% of the aggregate principal amount of the 2029 Notes at a redemption price of 104.250% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will have the option to redeem all or any portion of the 2031 Notes, at once or over time, at any time on or after August 15, 2026, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2031 Notes at any time before August 15, 2026 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before August 15, 2024, the Company could have redeemed up to 40% of the aggregate principal amount of the 2031 Notes at a redemption price of 104.125% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million. The Indentures contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of March 31, 2025, we were in compliance with all financial covenants under the Notes.
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COMMON STOCK REPURCHASE PROGRAM |
3 Months Ended |
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Mar. 31, 2025 | |
| Equity [Abstract] | |
| COMMON STOCK REPURCHASE PROGRAM | COMMON STOCK REPURCHASE PROGRAM During the three months ended March 31, 2025, we repurchased 0.6 million shares of our common stock at a cost of $60.9 million, including commissions. During the three months ended March 31, 2024, we did not repurchase any shares of our common stock. As of March 31, 2025 and December 31, 2024, we have an accrual recorded for the stock repurchase excise tax of $5.6 million and $5.1 million, respectively, which is reported in ‘Accrued expenses and other liabilities’ and ‘Treasury stock’ in our condensed consolidated balance sheets. On February 10, 2025, the Board of Directors (the “Board”) approved a $1.0 billion increase to our share repurchase authorization, after which approximately $1.3 billion remained available for future common stock repurchases. As of March 31, 2025, we had remaining authorization to repurchase $1.3 billion of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement.
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REVENUES |
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| REVENUES | REVENUES Revenues by reportable operating segment and by channel were:
(1) North America includes the United States and Canada. (2) The vast majority of HEYDUDE Brand revenues are derived from North America.
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES Income tax expense and effective tax rates were:
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EARNINGS PER SHARE |
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| EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2025 and 2024 were:
In the three months ended March 31, 2025 and 2024, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
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Mar. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Purchase Commitments As of March 31, 2025, we had purchase commitments to third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $265.9 million. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded. Other We are regularly subject to, and are currently undergoing, audits by various tax authorities in the U.S. and several foreign jurisdictions, including customs duties, import, and other taxes for prior tax years. During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments in relation to certain matters. We cannot determine a range of estimated future payments and have not recorded any liability for such payments in the accompanying condensed consolidated balance sheets. See Note 14 — Legal Proceedings for further details regarding potential loss contingencies related to government tax audits and other current legal proceedings.
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OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION | OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION We have two reportable operating segments: the Crocs Brand and the HEYDUDE Brand. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers. Additionally, ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance. Each segment’s performance is evaluated based on segment results without allocating Enterprise corporate expenses. Reconciling items between segment income from operations and income from operations consist of unallocated enterprise corporate expenses. Our chief operating decision maker is Andrew Rees, Chief Executive Officer. Mr. Rees uses income from operations as a measure of profit or loss. Mr. Rees considers the performance of these measures against management expectations when making decisions about the allocation of operating and capital resources to each segment. We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments. The following tables set forth information related to reportable operating segments:
(1) The amounts of depreciation and amortization disclosed by reportable segment and ‘Enterprise corporate’ are included within ‘Cost of sales’ and ‘Selling, general and administrative expenses.’
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LEGAL PROCEEDINGS |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| LEGAL PROCEEDINGS | LEGAL PROCEEDINGS On January 22, 2025, a putative class action lawsuit titled Carretta v. Crocs, Inc., et al., Case No. 1:25-cv-00096, was filed in the District Court for the District of Delaware against the Company and certain of its current officers. The complaint was filed on behalf of a purported class consisting of all purchasers of the Company’s common stock between November 3, 2022 and October 28, 2024, inclusive. The complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 based on allegedly false and misleading statements related to the Company’s wholesaler inventory and its alleged impact on the Company’s revenue. The complaint seeks unspecified damages, an award of costs and expenses, and other unspecified relief. On March 21, 2025, a second putative class action lawsuit titled Shah v. Crocs, Inc., et al., Case No. 1:25-cv-00356, was also filed in the District Court for the District of Delaware based on the same allegations as the Carretta complaint. Motions to consolidate the two actions are pending before the court. On April 22, 2025, the court entered the parties’ stipulation in which they agreed to confer on deadlines to file the amended complaint and motion to dismiss after the lead plaintiff is appointed. Briefing for motions to appoint a lead plaintiff is complete, but a lead plaintiff has not yet been appointed. Four purported shareholders of the Company have filed derivative actions against certain of its current directors and officers, as well as the Company as a nominal defendant, alleging claims for breach of fiduciary duties, aiding and abetting breach of fiduciary duties, unjust enrichment, insider trading, waste of corporate assets, abuse of control, and gross mismanagement related to the Company’s wholesaler inventory and its alleged impact on the Company’s revenue. They seek damages and changes to the Company’s corporate governance structure. See James O’Connor v. Smach, et. al., C.A. No. 1:25-cv-00576 (D. Colo.); The Berger Trust v. Rees, et. al., C.A. No. 1:25-cv-00597 (D. Colo.); Sarabia v. Rees, et. al., C.A. No. 2025CV30069 (Dist. Ct. Broomfield Cnty., Colo.); Lesanto v. Bickley, et. al., C.A. No. 2025CV30071 (Dist. Ct. Broomfield Cnty., Colo.). The Company and its directors and officers intend to vigorously defend these actions in all respects. The Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential loss, if any, from these actions at this time. For legal claims and disputes, we have accrued estimated losses of $2.5 million within ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheet as of March 31, 2025. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of March 31, 2025, we estimated that reasonably possible losses associated with these claims and other disputes were an insignificant amount. Although we are subject to other litigation from time to time in the ordinary course of business, including employment, intellectual property, and product liability claims, other than as set forth above, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
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| Pay vs Performance Disclosure | ||
| Net income | $ 160,103 | $ 152,454 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.
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| Segment Reporting | Our reportable operating segments include: (i) the Crocs Brand and (ii) the HEYDUDE Brand. See Note 13 — Operating Segments and Geographic Information for additional information.
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| Principles of Consolidation | The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 (“Annual Report”) and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report.
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| Reclassifications | Reclassifications We have reclassified certain amounts on the condensed consolidated statements of cash flows to conform to current period presentation.
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| Use of Estimates | Use of Estimates U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns and allowances, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected.
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| New Accounting Pronouncement Not Yet Adopted | New Accounting Pronouncement Adopted Pillar Two Global Minimum Tax The Organization for Economic Co-operation and Development (“OECD”) has released Pillar Two model rules introducing a 15% global minimum tax rate applied on a country-by-country basis for large multinational corporations. Various jurisdictions we operate in have enacted the legislation. There remains uncertainty as to the final Pillar Two rules as the OECD continues to release guidance and modifications to the rules. We are monitoring continuing development of these laws and the potential impact they will have on our Company. We do not anticipate the Pillar Two rules will have a significant impact on our 2025 consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Income Taxes: Improvements to Income Tax Disclosure In December 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to the disclosure of rate reconciliation and income taxes paid. This guidance becomes effective for annual periods beginning after December 15, 2024 with early adoption permitted and should be applied on a prospective basis. We do not expect this standard to have a material impact on our consolidated financial statements, but it will require increased disclosures within the notes to our consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, with subsequent clarification in January 2025, the FASB issued authoritative guidance related to the disclosure of disaggregation of income statement expenses. This guidance becomes effective for annual periods beginning after December 15, 2026 with early adoption permitted and should be applied on a retrospective basis. We do not expect this standard to have a material impact on our consolidated financial statements, but it will require increased disclosures within the notes to our consolidated financial statements. Other new pronouncements issued but not effective until after March 31, 2025 are not expected to have a material impact on our condensed consolidated financial statements.
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| Fair Value of Non-Financial Assets and Liabilities | Non-Financial Assets and Liabilities Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value.
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| Derivatives Financial Instruments | We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation. Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of March 31, 2025 or December 31, 2024. Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at March 31, 2025 and December 31, 2024. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting. We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash used in operating activities.’ As of March 31, 2025, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income. We also have cash flow hedges (“hedged derivatives”) as of March 31, 2025. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option. For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the condensed consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the condensed consolidated statements of income, which is consistent with the nature of the hedged transaction.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Supplemental Non-Cash Investing and Financing Activities | Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures
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ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Expenses and Other Liabilities | Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were:
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Rights-of-Use Assets and Operating Lease Liabilities | Amounts reported in the condensed consolidated balance sheets were:
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| Schedule of Lease Costs and Other Information | Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:
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| Schedule of Maturities of Operating Lease Liabilities | The maturities of our operating lease liabilities were:
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FAIR VALUE MEASUREMENTS (Tables) |
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of the Company's Outstanding Borrowings | The carrying value and fair value of our borrowing instruments as of March 31, 2025 and December 31, 2024 were:
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| Schedule of Fair Value Measurements, Nonrecurring | The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments within ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income as follows:
(1) During the three months ended March 31, 2024, we recognized an impairment charge for information technology systems related to the HEYDUDE integration of $17.4 million to prepaid assets and $0.8 million to intangible assets. (2) During the three months ended March 31, 2024, we recognized an impairment of $5.5 million for our former HEYDUDE Brand warehouses in Las Vegas, Nevada and $0.4 million for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Values of Derivative Assets and Liabilities | The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets, were:
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| Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions | The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
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| Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts | Amounts reported in ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were:
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BORROWINGS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Term Borrowings | Our long-term borrowings were as follows:
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REVENUES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenues by Channel and Brand | Revenues by reportable operating segment and by channel were:
(1) North America includes the United States and Canada. (2) The vast majority of HEYDUDE Brand revenues are derived from North America.
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INCOME TAXES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Tax Expense and Effective Tax Rates | Income tax expense and effective tax rates were:
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EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2025 and 2024 were:
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OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Information Related to Reportable Operating Segments | The following tables set forth information related to reportable operating segments:
(1) The amounts of depreciation and amortization disclosed by reportable segment and ‘Enterprise corporate’ are included within ‘Cost of sales’ and ‘Selling, general and administrative expenses.’
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Cash paid for interest | $ 26,838 | $ 35,054 |
| Cash paid for income taxes | 13,964 | 18,122 |
| Cash paid for operating leases | 24,579 | 21,364 |
| Non-Cash Investing and Financing Activities: | ||
| Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations | 45,361 | 15,386 |
| Accrued purchases of property, equipment, and software | $ 8,809 | $ 9,640 |
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Accrued compensation and benefits | $ 46,286 | $ 81,265 |
| Professional services | 57,833 | 64,683 |
| Fulfillment, freight, and duties | 38,897 | 38,752 |
| Return liabilities | 27,128 | 34,255 |
| Sales/use and value added taxes payable | 27,080 | 17,330 |
| Other | 49,824 | 61,783 |
| Total accrued expenses and other liabilities | $ 247,048 | $ 298,068 |
LEASES - Schedule of Rights-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Assets: | ||
| Right-of-use assets | $ 335,783 | $ 307,228 |
| Liabilities: | ||
| Current operating lease liabilities | 77,693 | 68,551 |
| Long-term operating lease liabilities | 303,284 | 283,406 |
| Total operating lease liabilities | $ 380,977 | $ 351,957 |
LEASES - Schedule of Lease Costs and Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Leases [Abstract] | ||
| Operating lease cost | $ 24,186 | $ 20,244 |
| Short-term lease cost | 2,960 | 4,798 |
| Variable lease cost | 5,589 | 7,363 |
| Total lease costs | $ 32,735 | $ 32,405 |
LEASES - Narrative (Details) |
Mar. 31, 2025 |
Mar. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted average remaining lease term (in years) | 6 years | 6 years 10 months 24 days |
| Weighted average discount rate (in percent) | 6.50% | 6.20% |
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| 2025 (remainder of year) | $ 65,642 | |
| 2026 | 88,174 | |
| 2027 | 74,539 | |
| 2028 | 62,169 | |
| 2029 | 50,967 | |
| Thereafter | 123,076 | |
| Total future minimum lease payments | 464,567 | |
| Less: imputed interest | (83,590) | |
| Total operating lease liabilities | $ 380,977 | $ 351,957 |
FAIR VALUE MEASUREMENTS - Fair Value of the Company's Outstanding Borrowings (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying Value | Line of Credit | Term Loan B Facility | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | $ 500,000 | $ 500,000 |
| Carrying Value | Line of Credit | Revolving Facility | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | 320,000 | 190,000 |
| Carrying Value | 2029 Notes | Senior Notes | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | 350,000 | 350,000 |
| Carrying Value | 2031 Notes | Senior Notes | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | 350,000 | 350,000 |
| Fair Value | Line of Credit | Term Loan B Facility | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | 503,438 | 503,125 |
| Fair Value | Line of Credit | Revolving Facility | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | 320,000 | 190,000 |
| Fair Value | 2029 Notes | Senior Notes | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | 325,983 | 323,780 |
| Fair Value | 2031 Notes | Senior Notes | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Outstanding borrowings | $ 308,886 | $ 305,610 |
FAIR VALUE MEASUREMENTS - Impairments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total asset impairments | $ 0 | $ 24,081 |
| HEYDUDE, Prepaid Assets | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Information technology systems impairment | 17,400 | |
| HEYDUDE, Intangible Assets | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Information technology systems impairment | 800 | |
| HEYDUDE Brand | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Right-of-use assets impairment | 5,500 | |
| Crocs Brand | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Right-of-use assets impairment | 400 | |
| Level 3 | Fair Value | Fair Value Measurements, Nonrecurring | ||
| Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Information technology systems impairment | 0 | 18,172 |
| Right-of-use assets impairment | 0 | 5,909 |
| Total asset impairments | $ 0 | $ 24,081 |
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Foreign currency cash flow hedge gain reclassified to earnings, net | $ 0.6 | $ 0.2 |
| Foreign currency cash flow hedge loss to be reclassified during next 12 months | $ (0.1) | |
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Foreign Currency Derivatives | ||
| Derivative asset, statement of financial position [Extensible Enumeration] | Prepaid expenses and other assets | Prepaid expenses and other assets |
| Derivative liability, statement of financial position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
| Level 2 | ||
| Foreign Currency Derivatives | ||
| Derivative asset, net foreign currency forward contract derivatives | $ 859 | $ 1,171 |
| Derivative liability, net foreign currency forward contract derivatives | (595) | (1,527) |
| Level 2 | Not Designated as Hedging Instrument | ||
| Foreign Currency Derivatives | ||
| Derivative asset, gross forward foreign currency exchange contracts | 821 | 2,691 |
| Derivative liability, gross forward foreign currency exchange contracts | (437) | (3,433) |
| Level 2 | Designated as Hedging Instrument | ||
| Foreign Currency Derivatives | ||
| Derivative asset, gross forward foreign currency exchange contracts | 1,065 | 3,933 |
| Derivative asset, netting of counterparty contracts | (206) | (2,762) |
| Derivative liability, gross forward foreign currency exchange contracts | (801) | (4,289) |
| Derivative liability, netting of counterparty contracts | 206 | 2,762 |
| Level 2 | Designated as Hedging Instrument | Cash flow foreign currency contracts | ||
| Foreign Currency Derivatives | ||
| Derivative asset, gross forward foreign currency exchange contracts | 244 | 1,242 |
| Derivative liability, gross forward foreign currency exchange contracts | $ (364) | $ (856) |
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions (Details) - USD ($) $ in Thousands |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivatives - Fair Value [Line Items] | ||
| Notional | $ 120,804 | $ 239,643 |
| Fair Value | 264 | (356) |
| Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 76,826 | 149,471 |
| Fair Value | 384 | (742) |
| Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 43,978 | 90,172 |
| Fair Value | (120) | 386 |
| Euro | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 1,861 | 49,833 |
| Fair Value | (89) | (1,303) |
| Euro | Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 6,222 | 17,246 |
| Fair Value | (73) | 628 |
| Singapore Dollar | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 33,056 | 31,524 |
| Fair Value | 501 | (1,251) |
| British Pound Sterling | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 853 | 28,223 |
| Fair Value | (51) | 536 |
| British Pound Sterling | Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 14,608 | 23,678 |
| Fair Value | (73) | (303) |
| South Korean Won | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 12,666 | 9,274 |
| Fair Value | 320 | 655 |
| South Korean Won | Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 3,070 | 8,790 |
| Fair Value | 205 | 614 |
| Japanese Yen | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 6,656 | 5,510 |
| Fair Value | (222) | 289 |
| Indian Rupee | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 1,457 | 494 |
| Fair Value | (29) | 8 |
| Other currencies | Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 20,277 | 24,613 |
| Fair Value | (46) | 324 |
| Chinese Yuan | Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Notional | 20,078 | 40,458 |
| Fair Value | $ (179) | $ (553) |
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Derivatives - Fair Value [Line Items] | ||
| Foreign currency gains (losses), net | $ 4,873 | $ (2,273) |
| Not Designated as Hedging Instrument | ||
| Derivatives - Fair Value [Line Items] | ||
| Foreign currency transaction gains (losses) | 4,749 | (1,420) |
| Foreign currency forward exchange contracts gains (losses) | 124 | (853) |
| Foreign currency gains (losses), net | $ 4,873 | $ (2,273) |
BORROWINGS - Schedule of Other Term Borrowings (Details) - USD ($) |
Mar. 31, 2025 |
Dec. 31, 2024 |
Jan. 31, 2024 |
Aug. 31, 2021 |
Mar. 31, 2021 |
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Total face value of long-term borrowings | $ 1,520,000,000 | $ 1,390,000,000 | |||
| Unamortized issuance costs | 38,275,000 | 40,661,000 | |||
| Total long-term borrowings | 1,481,725,000 | 1,349,339,000 | |||
| Senior Notes | 2029 Notes | |||||
| Debt Instrument [Line Items] | |||||
| Aggregate principal amount | $ 350,000,000.0 | $ 350,000,000 | |||
| Stated Interest Rate | 4.25% | 4.25% | |||
| Effective Interest Rate | 4.64% | ||||
| Total face value of long-term borrowings | $ 350,000,000 | 350,000,000 | |||
| Senior Notes | 2031 Notes | |||||
| Debt Instrument [Line Items] | |||||
| Aggregate principal amount | $ 350,000,000.0 | $ 350,000,000 | |||
| Stated Interest Rate | 4.125% | 4.125% | |||
| Effective Interest Rate | 4.35% | ||||
| Total face value of long-term borrowings | $ 350,000,000 | 350,000,000 | |||
| Line of Credit | Term Loan B Facility | |||||
| Debt Instrument [Line Items] | |||||
| Total face value of long-term borrowings | 500,000,000 | 500,000,000 | $ 820,000,000 | ||
| Line of Credit | Revolving Facility | |||||
| Debt Instrument [Line Items] | |||||
| Total face value of long-term borrowings | $ 320,000,000 | $ 190,000,000 |
BORROWINGS - Credit Facilities (Details) |
1 Months Ended | 3 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Feb. 17, 2022
USD ($)
|
Jul. 31, 2019
USD ($)
|
Mar. 31, 2025
USD ($)
facility
|
Dec. 31, 2024
USD ($)
|
Feb. 29, 2024
USD ($)
|
Jan. 31, 2024
USD ($)
|
|
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Interest payable | $ 3,500,000 | $ 10,200,000 | ||||
| Total face value of long-term borrowings | $ 1,520,000,000 | 1,390,000,000 | ||||
| Number of credit facility | facility | 1 | |||||
| Revolving Facility | Line of Credit | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Total face value of long-term borrowings | $ 320,000,000 | 190,000,000 | ||||
| Outstanding letters of credit | 600,000 | |||||
| Revolving Facility | Senior Revolving Credit Facility | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Borrowing capacity under revolving credit facility | $ 1,000,000,000.0 | |||||
| Additional borrowing under credit agreement | $ 400,000,000.0 | |||||
| Minimum interest coverage ratio | 3.00 | |||||
| Minimum borrowing availability for certain acquisitions | $ 40,000,000.0 | |||||
| Line of credit facility, current borrowing capacity | 1,000,000,000.0 | |||||
| Line of credit facility, remaining borrowing capacity | 679,400,000 | 809,400,000 | ||||
| Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended March 31, 2022 to Quarter Ended December 31, 2023 | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Maximum leverage coverage ratio | 4.00 | |||||
| Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended March 31, 2024 | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Maximum leverage coverage ratio | 3.75 | |||||
| Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended June 30, 2024 | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Maximum leverage coverage ratio | 3.50 | |||||
| Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended September 30, 2024 | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Maximum leverage coverage ratio | 3.25 | |||||
| Revolving Facility | Senior Revolving Credit Facility | Federal Funds Open Rate | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 0.25% | |||||
| Revolving Facility | Senior Revolving Credit Facility | Base Rate | Minimum | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 0.25% | |||||
| Revolving Facility | Senior Revolving Credit Facility | Base Rate | Maximum | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 0.875% | |||||
| Revolving Facility | Senior Revolving Credit Facility | SOFR | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 0.10% | |||||
| Revolving Facility | Senior Revolving Credit Facility | SOFR | Minimum | Debt Instrument, Redemption, Period One | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 1.35% | |||||
| Revolving Facility | Senior Revolving Credit Facility | SOFR | Maximum | Debt Instrument, Redemption, Period One | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 1.975% | |||||
| Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Minimum | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 1.35% | |||||
| Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Maximum | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 1.975% | |||||
| Revolving Facility | Senior Revolving Credit Facility | Simple SOFR | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 1.00% | |||||
| Revolving Facility | Asia Pacific Citibank Revolving Credit Facility | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Line of credit facility, current borrowing capacity | 15,000,000.0 | |||||
| Outstanding borrowings | 0 | 0 | ||||
| Term Loan B Facility | Line of Credit | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Borrowing capacity under revolving credit facility | $ 2,000,000,000 | |||||
| Total face value of long-term borrowings | 500,000,000 | $ 500,000,000 | $ 820,000,000 | |||
| Line of credit facility, remaining borrowing capacity | $ 0 | |||||
| Term Loan B Facility | Base Rate | Line of Credit | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 1.25% | |||||
| Term Loan B Facility | SOFR | Line of Credit | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Margin on variable rate (in percent) | 2.25% | |||||
| Term Loan B Credit Agreement | Line of Credit | ||||||
| Revolving Credit Facilities and Bank Borrowings | ||||||
| Borrowing capacity under revolving credit facility | $ 820,000,000 |
BORROWINGS - Senior Notes Issuance (Details) - Senior Notes - USD ($) |
1 Months Ended | ||
|---|---|---|---|
Aug. 31, 2021 |
Mar. 31, 2021 |
Mar. 31, 2025 |
|
| 2029 Notes | |||
| Debt Instrument [Line Items] | |||
| Aggregate principal amount | $ 350,000,000 | $ 350,000,000.0 | |
| Interest rate, stated percentage (in percent) | 4.25% | 4.25% | |
| 2029 Notes | Debt Instrument, Redemption, Period One | |||
| Debt Instrument [Line Items] | |||
| Redemption price, percentage (in percent) | 100.00% | ||
| 2029 Notes | Debt Instrument, Redemption, Period Two | |||
| Debt Instrument [Line Items] | |||
| Redemption price, percentage (in percent) | 100.00% | ||
| 2029 Notes | Debt Instrument, Redemption, Period Three | |||
| Debt Instrument [Line Items] | |||
| Redemption price, percentage (in percent) | 104.25% | ||
| Percentage of principal amount redeemable (in percent) | 40.00% | ||
| 2031 Notes | |||
| Debt Instrument [Line Items] | |||
| Aggregate principal amount | $ 350,000,000 | $ 350,000,000.0 | |
| Interest rate, stated percentage (in percent) | 4.125% | 4.125% | |
| Guarantor | $ 25,000,000 | ||
| 2031 Notes | Debt Instrument, Redemption, Period One | |||
| Debt Instrument [Line Items] | |||
| Redemption price, percentage (in percent) | 100.00% | ||
| 2031 Notes | Debt Instrument, Redemption, Period Two | |||
| Debt Instrument [Line Items] | |||
| Redemption price, percentage (in percent) | 100.00% | ||
| 2031 Notes | Debt Instrument, Redemption, Period Three | |||
| Debt Instrument [Line Items] | |||
| Redemption price, percentage (in percent) | 104.125% | ||
| Percentage of principal amount redeemable (in percent) | 40.00% | ||
COMMON STOCK REPURCHASE PROGRAM (Details) - USD ($) |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
Feb. 10, 2025 |
Dec. 31, 2024 |
|
| Class of Stock [Line Items] | ||||
| Stock repurchased during period | $ 61,282,000 | |||
| Sales and excise tax payable | $ 5,600,000 | $ 5,100,000 | ||
| Common Stock | ||||
| Class of Stock [Line Items] | ||||
| Stock repurchased during period (in shares) | 607,000 | 0 | ||
| Stock repurchased during period | $ 60,900,000 | |||
| Common stock authorized for repurchase | $ 1,000,000,000 | |||
| Remaining authorization to repurchase common stock | $ 1,300,000,000 | $ 1,300,000,000 | ||
REVENUES (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Disaggregation of Revenue [Line Items] | ||
| Revenues | $ 937,333 | $ 938,633 |
| Crocs Brand | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 761,608 | 743,816 |
| Crocs Brand | Wholesale | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 476,804 | 462,002 |
| Crocs Brand | Direct-to-consumer | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 284,804 | 281,814 |
| Crocs Brand | North America | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 368,517 | 382,913 |
| Crocs Brand | North America | Wholesale | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 170,682 | 180,337 |
| Crocs Brand | North America | Direct-to-consumer | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 197,835 | 202,576 |
| Crocs Brand | International | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 393,091 | 360,903 |
| Crocs Brand | International | Wholesale | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 306,122 | 281,665 |
| Crocs Brand | International | Direct-to-consumer | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 86,969 | 79,238 |
| HEYDUDE Brand | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 175,725 | 194,817 |
| HEYDUDE Brand | Wholesale | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 110,693 | 134,753 |
| HEYDUDE Brand | Direct-to-consumer | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | $ 65,032 | $ 60,064 |
INCOME TAXES -Schedule of Income Tax Expense and Effective Tax Rates (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Income Tax Disclosure [Abstract] | ||
| Income before income taxes | $ 204,939 | $ 194,029 |
| Income tax expense | $ 44,836 | $ 41,575 |
| Effective tax rate | 21.90% | 21.40% |
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Income Tax Disclosure [Abstract] | ||
| Increase in income tax expense | $ 3.3 | |
| Effective tax rate | 21.90% | 21.40% |
| Increase in effective income tax rate | 0.50% | |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Numerator: | ||
| Net income | $ 160,103 | $ 152,454 |
| Denominator: | ||
| Weighted average common shares outstanding - basic (in shares) | 56,110 | 60,564 |
| Plus: Dilutive effect of stock options and unvested restricted stock units (in shares) | 392 | 490 |
| Weighted average common shares outstanding - diluted (in shares) | 56,502 | 61,054 |
| Net income per common share: | ||
| Basic (in dollars per share) | $ 2.85 | $ 2.52 |
| Diluted (in dollars per share) | $ 2.83 | $ 2.50 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
Mar. 31, 2025
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Purchase commitments with third party manufacturers | $ 265.9 |
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 2 |
| Number of operating segments | 2 |
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Information Related to Reportable Operating Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 937,333 | $ 938,633 |
| Cost of sales | 395,784 | 416,556 |
| Selling, general and administrative expenses | 318,575 | 295,648 |
| Income from operations | 222,974 | 226,429 |
| Foreign currency gains (losses), net | 4,873 | (2,273) |
| Interest income | 333 | 416 |
| Interest expense | (22,766) | (30,563) |
| Other income (expense), net | (475) | 20 |
| Income before income taxes | 204,939 | 194,029 |
| Depreciation and amortization | 18,537 | 16,161 |
| Crocs Brand | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 761,608 | 743,816 |
| HEYDUDE Brand | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 175,725 | 194,817 |
| Reportable Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Income from operations | 296,886 | 304,270 |
| Reportable Operating Segments | Crocs Brand | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 761,608 | 743,816 |
| Cost of sales | 299,072 | 311,466 |
| Selling, general and administrative expenses | 188,892 | 168,226 |
| Income from operations | 273,644 | 264,124 |
| Depreciation and amortization | 9,166 | 8,536 |
| Reportable Operating Segments | HEYDUDE Brand | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 175,725 | 194,817 |
| Cost of sales | 93,822 | 104,884 |
| Selling, general and administrative expenses | 58,661 | 49,787 |
| Income from operations | 23,242 | 40,146 |
| Depreciation and amortization | 5,559 | 4,216 |
| Enterprise corporate | ||
| Segment Reporting Information [Line Items] | ||
| Income from operations | (73,912) | (77,841) |
| Depreciation and amortization | $ 3,812 | $ 3,409 |
LEGAL PROCEEDINGS (Details) $ in Millions |
Mar. 31, 2025
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Estimate of possible loss | $ 2.5 |
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